Silver Is Headed for a Sixth Straight Year of Supply Shortfall
Key Highlights
- ➤2026 silver deficit forecast at 46.3 million ounces, sixth consecutive annual shortfall
- ➤GoldHaven begins D Zone drilling targeting high-grade silver-lead-zinc mineralization in British Columbia
- ➤First Majestic produced 3.4 million ounces of silver and 29,552 ounces of gold in Q3 2026
- ➤Endeavour Silver Q3 silver production reached 2,096,545 ounces, up 19% year over year
- ➤Hecla Q2 silver production reached 4.2 million ounces, up 8% from the prior quarter
- ➤Americas Gold and Silver discovered a Galena vein grading 1,062 g/t silver and 0.7% copper
Expert Statements
Rob Birmingham, President and CEO of GoldHaven Resources Corp.
“Hole 8 is an important development for us at Kuhn. From our second drill pad, approximately 80 metres from Hole 4, we have again intersected skarn mineralization at depth. Seeing skarn in both locations is exactly the type of geological evidence we were hoping to establish with this first modern drill program. We are still waiting for assays and further work will be required to determine continuity and grade, but we believe these results materially strengthen the geological case for a potentially larger skarn system at Kuhn. We have completed eight holes and 1,729 metres, and now have substantially more information to guide the next phase of exploration.”
Keith Neumeyer, CEO of First Majestic Silver Corp.
“First Majestic remains focused on meeting its production guidance and, with a focus on controlling costs, looks forward to delivering enhanced profitability to investors through the rest of the year,”
Dan Dickson, CEO of Endeavour Silver Corp.
“Despite temporary operational disruptions, we are encouraged by our underlying metrics in the third quarter, with the Terronera plant reaching optimal processing performance and the Kolpa expansion exceeding expectations,”
Rob Krcmarov, President and CEO of Hecla Mining Company
“Our second quarter results reflect the strength of the platform we have built. We ended the quarter with the strongest balance sheet in the Company’s history.”
VANCOUVER, British Columbia, Oct. 09, 2026 (GLOBE NEWSWIRE) -- U.S. Metal News News Commentary - The silver market is on track for its sixth consecutive annual deficit in 2026, according to the World Silver Survey 2026 published by The Silver Institute and Metals Focus, which forecasts a shortfall of 46.3 million ounces this year, up from 40.3 million ounces in 2025, with global mine production expected to be flat. The metal traded around $60 an ounce on October 7, down from about $66 a month earlier, according to Fortune. With mines unable to grow output fast enough to close the gap, the companies drilling new high-grade silver ground, and the producers bringing new ounces online, are where investors are looking. Companies mentioned in today’s commentary include: GoldHaven Resources Corp. (CSE: GOH) (OTCQB: GHVNF) (FSE: 4QS), First Majestic Silver Corp. (NYSE: AG), Endeavour Silver Corp. (NYSE: EXK), Hecla Mining Company (NYSE: HL), Americas Gold and Silver Corporation (NYSE American: USAS).
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